brittking
Jun 28, 2011, 12:16 AM
You invented $10,000 in two accounts paying 8% and 9% annual interst, resepectively. IF the toatal interest earned for the year was $840, how much was invested at each rate?
Unknown008
Jun 28, 2011, 07:31 AM
Is that simple interest and the interest applied per annum?
If so, recall your interest formula:
I = PRT
Let x be the first sum and y the second.
I_1 = x(0.08)(1)
And
I_2 = y(0.09)(1)
And
I_1 + I_2 = 840
And
x + y = 10000
can you give that a try? :)